Development: Charlotte’s November Home Sales ‘Robust’

Charlotte home sellers are feeling some relief knowing that homes are selling for more, quicker than they were…and even in December, typically one of our slowest months. As shown below, total sales are up 18.8% year-over-year for the entire metro area (Charlotte’s sales are up 35%). The problem that we’re facing now, is that there are serious buyers in search of the perfect home and the supply is quite low in the 12-county metro region.

Closed sales in the Charlotte Metro region below, demonstrate that the mid- to higher-end homes are moving considerably more than they were in the past two years. New businesses brought to the region added the icing on the cake to those typical relocation moves to the area from the existing professional fields as well as the Charlotte homeowners who have been waiting for the past 4 years to make their move. The luxury market is finally heating up once again and we’re seeing new construction on the rise as well.

Distressed property inventory has declined dramatically and banks are holding out longer to get their listing prices. In the Charlotte (city), home sellers are receiving 95% of their list price.

Home buyers beware! With low inventory and frequently seen multiple Offer situations, sellers are standing firmer on their price. Still, it’s a wonderful opportunity for great pricing with historically low mortgage interest rates. Now truly IS the time to buy!

From the Observer this week:

Charlotte-area home sales rose 35 percent in November compared to the previous year, leading the local Realtor association to describe the jump as “robust.” The increase is particularly noteworthy given the housing market is in a traditionally low-point in the sales cycle.

Both the median and average sales prices also rose, according to the Charlotte Regional Realtor Association report released Monday.

The average price in November was $204,413, up 6.2 percent compared to last year’s average of $192,414. The median price, $160,000, was up 5.6 percent from last year.

“We’re actually in the historically weakest part of the selling season, but home prices are continuing to rise, largely due to decreased supply and solid demand,” said association president Jennifer Frontera. “This is good for sellers.”

The average list price in November was relatively flat at $223,175, up a slight 0.6 percent from last year.
Sellers are also receiving 92.2 percent of what they are asking for, up from 90.7 percent last November.

I am a full-time REALTOR® personally specializing in historic homes and luxury home sales in the Charlotte NC real estate market. My team specializes in a variety of areas including first time home buyers, condos and townhomes as well as single family home sales and marketing.
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Comments

Those charts tell the story, a big fall followed by a long climb. Charlotte real estate is climbing back fast, It’s good news for Charlotte sellers, and it’s also a notice for Charlotte buyers that waiting will probably cost your some money.